The Abraxas Petroleum Corporation frac spread in Atascosa County Texas on August 23, 2016. San Antonio-based Abraxas Petroleum Corp. lost $4.1 million during the fourth quarter of 2017, but earned $16 million for the year, according to financial results it reported after the market closed Tuesday. less

The Abraxas Petroleum Corporation frac spread in Atascosa County Texas on August 23, 2016. San Antonio-based Abraxas Petroleum Corp. lost $4.1 million during the fourth quarter of 2017, but earned $16 million ... more

Photo: Carolyn Van Houten /Carolyn Van Houten

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Abraxas Petroleum Chief Executive Officer Robert Watson walks past the Bullseye 101H well in Atascosa County on Monday June 27, 2016. San Antonio-based Abraxas Petroleum Corp. lost $4.1 million during the fourth quarter of 2017, but earned $16 million for the year, according to financial results it reported after the market closed Tuesday. less

Abraxas Petroleum Chief Executive Officer Robert Watson walks past the Bullseye 101H well in Atascosa County on Monday June 27, 2016. San Antonio-based Abraxas Petroleum Corp. lost $4.1 million during the ... more

Photo: John Davenport /San Antonio Express-News

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Abraxas loses $4.1 million in the fourth quarter, earns $16 million for the year

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San Antonio-based Abraxas Petroleum Corp. lost $4.1 million during the fourth quarter of 2017, but earned $16 million for the year, according to financial results it reported after the market closed Tuesday.

During the fourth quarter, the company lost 2 cents a share, compared with a loss of $5.3 million, or 4 cents a share, the same period the year prior.

Abraxas swung to a profit as global oil prices stabilized last year. For the full year 2017, Abraxas earned $16 million, or 10 cents per share, compared with a net loss for the 12 months ended Dec. 31, 2016, of $96.4 million, or 79 cents per share.

CEO Bob Watson said that last year the company was able to add to its acreage in the Permian Basin, a key area of operation, and will keep running two drilling rigs there.

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Media: Wochit

“2017 was a year of tremendous accomplishments for Abraxas,” Watson said in a news release.

Abraxas at the end of January was making around 11,480 barrels of oil equivalent per day, a measure that includes oil, other liquids and natural gas.

Abraxas has operations in the Eagle Ford Shale in South Texas, Permian Basin in West Texas, the Rockies and the Bakken formation in North Dakota.

Adjusted for one-time costs and gains, it made $7.1 million, or 4 cents per share, during the fourth quarter. That was on par with what analysts had expected the company to earn, according to a survey of seven analysts polled by Thomson Financial Network.

Abraxas reported revenue of $29.6 million for the fourth quarter, up from $22 million in the same period the year before. The revenue just missed analyst expectations of around $30.67 million in revenue.

Company executives will hold a conference call with analysts Wednesday morning.

Abraxas stock closed at $2.36 per share Tuesday, up 1.7 percent for the day.